Advance tax
Dheeraj Sharma (11 Points)
11 October 2019Dheeraj Sharma (11 Points)
11 October 2019
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171253 Points)
Replied 11 October 2019
No interest liability when the aggregate tax liability after deduction of TDS, doesn't exceed Rs. 10,000/-; which in the particular case is NIL...
CA Dhruva Kalamanji
(Chartered Accountant )
(1996 Points)
Replied 11 October 2019
Akshat Varaiya
(229 Points)
Replied 11 October 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 11 October 2019
1. The above explanation of yours will be applicable only when the Net tax liability is more than Rs. 10,000.
2. Let's say your tax liability comes to Rs. 20,000. This entire Rs. 20,000 tax liability is covered under TDS u/s 192. Every month this tax liability deducted via sec 192. Now your net tax liability comes to Nil after deduction of TDS.
3. So, in this case, no need for payment of advance tax since tax liability is taken care of by deduction of TDS every month.
Please correct me if the above solution has an alternative view.
sabyasachi mukherjee
(27312 Points)
Replied 12 October 2019
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